From: Rakesh Bhandari (bhandari@BERKELEY.EDU)
Date: Fri Nov 19 2004 - 10:54:36 EST
At 4:46 PM +0100 11/19/04, Riccardo Bellofiore wrote: >At 10:21 -0500 19-11-2004, Fred Moseley wrote: >>On Thu, 18 Nov 2004, Riccardo Bellofiore wrote: >>Riccardo, I don't recall any of the Levy crowd saying anything about the >>rate of profit, whereas I think it is fundamental to understanding the >>current world economic situation. >> >>And they certainly do not say anything about unproductive labor, the >>main cause in my view of the decline of the rate of profit in the postwar >>US economy. > >of course, my point was about the financial side. I am not asking PK >guys to be Marxists, but I may ask Marxists to recognize where PK >theorists have contributed significantly. > >> Actually Moseley does not seem to me to be a falling rate of profit >> >guy, read carefully. >> >> >>When I first read this I said, "What?!" >>But from a later post, I realize that >>what you mean is that I emphasize the >>increase of unproductive labor, more than >>the increase of the composition of capital, >>which is true (although I think the latter >>is still important). > >it is as you realized from the later post. Yes but Grossman's emphasis on effect of third persons and circulation costs on profit rate already showed that he thought the U/P labor ratio was important as was the OCC. Fred may change emphasis but his ideas still only make sense within Grossman's reconstruction. Rakesh >rb >-- >Riccardo Bellofiore >Dipartimento di Scienze Economiche >"Hyman P. Minsky" >Via dei Caniana 2 >I-24127 Bergamo, Italy >e-mail: riccardo.bellofiore@unibg.it >direct +39-035-2052545 >secretary +39-035 2052501 >fax: +39 035 2052549 >homepage: http://www.unibg.it/dse/homepage/bellofiore.htm
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